Benalec Holdings Bhd. (5190.KU) Thursday said it has signed an initial agreement with Singapore's Rotary Engineering Ltd. (R07.SG) to jointly develop a storage terminal for oil products in Malaysia's southern Johor state.
The terminal will have an initial storage capacity of 1 million cubic meters, which will be increased to 3 million cubic meters in subsequent phases, Benalec said in a stock exchange filing.
It didn't provide the value of the project.
"The terminal will be a tank facility for storing, blending and distributing crude oil and petroleum products with deepwater port facilities capable of handling very large crude carriers," Benalec said.
The initial agreement could pave the way for Benalec and Rotary to be strategic business partners in the ownership and development of the terminal, the company added.
The terminal will have an initial storage capacity of 1 million cubic meters, which will be increased to 3 million cubic meters in subsequent phases, Benalec said in a stock exchange filing.
It didn't provide the value of the project.
"The terminal will be a tank facility for storing, blending and distributing crude oil and petroleum products with deepwater port facilities capable of handling very large crude carriers," Benalec said.
The initial agreement could pave the way for Benalec and Rotary to be strategic business partners in the ownership and development of the terminal, the company added.
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